This upbeat assessment follows a review of the public private partnership deal with NATS in July 2002, in response to the tragedy of 11 September 2001. Then the NAO said that NATS financial structure was ‘vulnerable to severe downturns in traffic’.
But following the disaster NATS went through a fundamental refinancing exercise so that ‘NATS now has robust finances, to which all the company’s main stakeholders have made equitable contributions’.
Part of the solution implemented by Nats is to save £170m by 2005/06 through reducing support costs, a pensions contributions holiday, and fewer air traffic controllers than was originally stated.
‘Compared to before the composite solution, the PPP now has a much stronger buffer of cash reserves with which to cope with possible future crises,’ the report said.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation